New products on horizon, but still no growth in 2016F
Stock trading: Market sentiment has improved a bit, and recent checks suggest that demand will follow the typical seasonal pattern in 2H16F, or with an estimated sequential growth of 10% for certain IC players including Elan. Meanwhile, Elan is actively pushing its new products (i.e., touch pen, fingerprint, fisheye camera, etc.), but after all, it is still unlikely to see much top/bottom-line growth this year (even off a low base). With a fairly stretched P/E, we maintain our conservative stance and leave our TP unchanged at NT$34.
Elan Microelectronics is principally engaged in the manufacture and sale of artificial neural network and fuzzy processors, digital signal processors, 8-bit RISC micro-controllers, and integrated circuits. Co. also offers research and development services with respect to the above mentioned products. Through its subsidiaries, Co. is engaged in the research, development, manufacture and sale of wireless and wired communication equipment, electronic modules, multimedia audio/video compression and video processing chip; manufacture of data storage and processing equipment, optical instrument, computers and related peripheral equipment; and wholesale and retail of telecommunication apparatus.
Yuanta is a Taiwan-headquartered brokerage with a growing presence in Asia, especially across Greater China. Our team of 140+ provides cutting-edge analysis on key sectors, spread across offices in Taiwan, Hong Kong, Shanghai (A-Share), Seoul and Jakarta. With an ever-expanding coverage universe of 400+ companies, we provide in depth analysis with unique local color to investors. Consistently being voted the Best Investment Consulting Firm in Taiwan in the AsiaMoney broker poll is evidence of our strength. We target providing an extensive range of research, from small, to mid-sized, to large cap. We bring you the big, well-covered names, as well as going off the beaten track to research the less-familiar companies.
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